Beginning and Ending Inventories Are $700 and $600,respectively

question 50

Multiple Choice

Beginning and ending inventories are $700 and $600,respectively.The income statement debit and credit columns of the worksheet total $2,500 and $2,500,respectively,not including the adjustment amounts for beginning and ending inventories.The net income or loss for the period is:

• A)$150 net income.
• B)$150 net loss.
• C)$100 net income.
• D)$100 net loss.

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Definitions:

Economic Transformations

Significant and widespread changes in the structure of an economy, often involving shifts from agricultural to industrial or service-based sectors.

Agricultural Revolution

denotes a period of significant agricultural development and innovation, leading to increased productivity and societal transformation.

Industrial Revolution

A period of significant industrial growth and technological innovation, beginning in the late 18th century, that transformed primarily agrarian societies into industrial ones.

Postindustrial Revolution

The postindustrial revolution describes the shift from manufacturing-based economies to ones primarily focused on services, information, and technology, signaling changes in workforce demands and economic structures.